本文關(guān)鍵詞：定向增發(fā)式資產(chǎn)注入行為的股東利益研究　出處：《江西財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：股權(quán)分置改革改變了我國證券市場上同股不同權(quán)的現(xiàn)象，使得大股東和中小股東之間的利益趨于一致。大股東不再對上市公司有強(qiáng)烈的“掏空”動機(jī)，支持意愿更加強(qiáng)烈，大股東向上市公司注入資產(chǎn)的現(xiàn)象更加普遍，定向增發(fā)也成為資產(chǎn)注入最普遍的形式。由于大股東和中小股東之間的信息不對稱，代理成本和監(jiān)督效應(yīng)的存在，使得大股東在資產(chǎn)注入中天然處于優(yōu)勢地位，中小股東處于劣勢地位。在定向增發(fā)式資產(chǎn)注入這一關(guān)聯(lián)交易中，大股東是注入優(yōu)質(zhì)資產(chǎn)支持上市公司的發(fā)展還是注入劣質(zhì)資產(chǎn)侵害中小股東的利益呢？不同注入形式，不同所有權(quán)性質(zhì)，不同股權(quán)集中度的資產(chǎn)注入行為在市場表現(xiàn)方面有什么差異呢？本文將討論這些問題，并根據(jù)這些問題提出了研究假設(shè)。 本文選取2006年1月1日至2011年12月31日之間公告發(fā)生的上市公司資產(chǎn)注入事件為研究樣本，采用事件研究法研究資產(chǎn)注入事件對上市公司股價產(chǎn)生的影響，運用累計超額收益率(CAR)來衡量這一影響程度。按照資產(chǎn)注入模式分為股權(quán)（或現(xiàn)金）模式進(jìn)行的資產(chǎn)注入和以資產(chǎn)模式進(jìn)行的資產(chǎn)注入，分別統(tǒng)計其累計超額收益率的均值，對比不同注入模式下資產(chǎn)注入事件對上市公司累計超額收益率變動的影響情況；按照上市公司大股東國有或民營的背景分類，比較兩類資產(chǎn)注入事件的累計超額收益率；按照大股東持股比例的高低分類，進(jìn)行不同股權(quán)集中度的累計超額收益率分析。經(jīng)過對分類子樣本超額收益率均值的檢驗得出結(jié)論：“資產(chǎn)式”定向增發(fā)資產(chǎn)注入的短期市場表現(xiàn)要明顯好于“股權(quán)式”定向增發(fā)資產(chǎn)注入的短期市場表現(xiàn)；定向增發(fā)式資產(chǎn)注入對于國有控股上市公司的短期股東財富和市場業(yè)績的推動作用不及對于民營控股上市公司明顯；股權(quán)集中度低的公司在宣告定向增發(fā)資產(chǎn)注入后，各交易日的累計平均超額收益率要顯著高于股權(quán)集中度高的公司，并且這種顯著性差異隨時間推移而呈現(xiàn)出越來越大的趨勢。 根據(jù)對累計超額收益率的多元線形回歸得出相關(guān)結(jié)論：上市公司發(fā)生定向增發(fā)式資產(chǎn)注入將對上市公司產(chǎn)生正向宣告效應(yīng)，短期內(nèi)有利于上市公司股東獲得累計超額收益，并且當(dāng)上市公司大股東選擇直接以資產(chǎn)認(rèn)購股份時，獲得超額收益的正面影響將更加顯著；國有控股的上市公司在進(jìn)行定向增發(fā)式資產(chǎn)注入后的公司績效要比民營控股的上市公司差；當(dāng)上市公司股權(quán)集中度過高，大股東擁有“一股獨大”的絕對控制權(quán)時，他們更傾向于利用定向增發(fā)式資產(chǎn)注入來獲取更多私人利益，利用“信息不對稱”和控制權(quán)優(yōu)勢，以次充好或虛增注入資產(chǎn)的價值，以更低的對價獲取更多的股份，從而進(jìn)一步鞏固和加強(qiáng)對公司的股權(quán)控制，而上市公司和中小股東的利益卻因此受到嚴(yán)重侵害。 根據(jù)研究結(jié)論，本文給出解釋，并提出政策建議：進(jìn)一步完善市場環(huán)境和法律規(guī)范，對于資產(chǎn)注入事件中大股東加強(qiáng)監(jiān)管，加強(qiáng)資產(chǎn)注入過程中資產(chǎn)質(zhì)量審核，進(jìn)一步嚴(yán)格對定向增發(fā)股價的規(guī)定。 本文研究的主要不足是定向增發(fā)式資產(chǎn)注入自2006年才興起，不斷有新的現(xiàn)象發(fā)生，監(jiān)管部門也在不斷地完善相關(guān)的法律法規(guī)，，所以本文得出結(jié)論可能具有一定時間局限性；我國的股票市場2006年至2007年間處于顯著上升階段，牛市行情可能使定向增發(fā)的公告效應(yīng)發(fā)生偏離；另外在研究方法和實證處理上也存在不足。
[Abstract]:The reform of non tradable shares changed with the shares of different rights in our country stock market phenomenon, making between large shareholders and minority shareholders tend to be the same. Large shareholders no longer have strong motivation of listed companies "tunneling", support will be more intense, large shareholders inject assets into listed companies more widespread phenomenon, the private placement is also become the most popular form of asset injection. Due to the information asymmetry between large shareholders and small shareholders, agency cost and supervision effect, making major shareholders in a dominant position in natural assets, small shareholders at a disadvantage position. In this type of assets into private placement transactions, major shareholders are the development of injection of quality asset backed listed companies or the injection of inferior assets against the interests of small shareholders? Different injection form, different ownership, different concentration of ownership of the assets into What's the difference between behavior in the market performance? This article will discuss these issues and put forward research hypotheses based on these issues.
The announcement occurred between January 1, 2006 to December 31, 2011 the assets into the listed company as research sample, study the impact of asset injection events on the stock price of listed companies by the method of case study, using the cumulative abnormal return (CAR) to measure the degree of influence. According to the asset injection mode is divided into equity (or cash) mode of to inject assets and assets into the asset model, respectively, the statistics of the cumulative abnormal return on average, compared with different injection mode of assets into the listed company events on the cumulative abnormal returns of the major shareholders of listed companies; in accordance with the classification of state-owned or private background, compare the two types of assets into the cumulative abnormal return event in accordance with the classification level; the proportion of large shareholders, different ownership concentration the cumulative abnormal return after sub analysis. Sub sample average abnormal return test concluded: "the short-term market performance of assets" placement of assets into short-term market performance was better than the "equity" private placement asset injection; promote private placement type assets into state-owned listed companies for short-term shareholder wealth and market performance than for private listed companies; ownership concentration is low in the private placement announcement after injection of assets, each trading day of the cumulative average abnormal return rate is significantly higher than that of the high concentration of shareholding of the company, and the significant difference with time showing a growing trend.
Based on multiple linear regression of the cumulative abnormal return to draw relevant conclusions: listed companies private placement type assets will have a positive effect on the announcement of listed companies, in the short term to shareholders of listed companies to obtain the cumulative excess return, and when the choice of major shareholders of listed companies directly to asset shares, obtain excess returns will be a positive impact more significant; state-owned listed companies in the private placement type assets into the company performance than private listed company holding shares of listed companies; when the concentration is too high, large shareholders have absolute control over dominance ", they tend to use private placement type assets to get more private interests, using" information asymmetry "and control advantages, shoddy or inflated assets into the value, at a lower price to get more The share of the stock, thus further consolidating and strengthening the control of the stock rights of the company, and the interests of listed companies and small and medium shareholders have been seriously infringed.
According to the research conclusion, this paper gives explanations and puts forward policy recommendations: further improving the market environment and legal norms, strengthening the supervision of major shareholders in asset injection events, strengthening asset quality audit during asset injection, and further strictly regulating the provisions of private placement.
The main shortcoming of this paper is the type of assets into the private placement before the rise since 2006, there have been a new phenomenon, regulators also continue to improve the relevant laws and regulations, so the conclusion of the paper may have some time limitation; China's stock market from 2006 to 2007 in a significant increase, the announcement effect of the bull market may make the placement of the deviation; in addition to the research methods and empirical treatment is also insufficient.

【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F224

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